Problem
For an $85,000 mortgage with a 30-year term and a 12% nominal interest rate, what is the monthly payment? After the first year of payments, what is the outstanding balance? After the first 10 years of payments, what is the outstanding balance?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.